Dollar should be replaced as international standard, U.N. report says

The dollar is an unreliable international currency and should be replaced by a more stable system, the United Nations Department of Economic and Social Affairs said in a report released Tuesday.

The use of the dollar for international trade came under increasing scrutiny when the U.S. economy fell into recession. “The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency,” the report said.

Many countries, in Asia in particular, have been building up massive dollar reserves. As a result, those countries’ currencies have become undervalued, decreasing their ability to import goods from abroad.